“一带一路”倡议、公司战略与企业投资

“Belt and Road Initiative”,Corporate Strategy and Enterprise Investment

基于2010—2018年A股上市公司数据,以"一带一路"倡议为准自然实验,运用双重差分法考察了"一带一路"倡议影响企业投资的内在机理。研究发现,"一带一路"作为一项经济合作倡议,通过缓解对外投资风险、提供大量投资机会、降低企业"走出去"的成本,显著增加了倡议支持企业的投资水平;经过一系列的稳健性检验之后,结论仍然成立。进一步研究发现,公司战略在"一带一路"倡议对企业投资的影响过程中起着中介作用,该倡议的提出,改善了资本市场环境,激励企业实施更加积极的战略,进而增加企业的投资。另外,依据企业性质和制度环境的差异进行了分样本回归,结果显示,在非国企、市场化程度高的地区,"一带一路"倡议对企业投资的影响更为显著。从公司战略的角度考察了"一带一路"倡议对企业投资的影响,支持了倡议的正面经济效应,对我国企业"走出去"有一定的启示意义。

Based on the data of A-share listed companies from 2010 to 2018,this paper takes"Belt and Road Initiative"as the natural experiment and uses the Double Differential Method to investigate the internal mechanism of the impact of the"Belt and Road Initiative"on enterprise investment.The study found that"Belt and Road Initiative",as an economic cooperation initiative,significantly increased the investment level of enterprises supported by the initiative by mitigating the risks of foreign investment,providing a large number of investment opportunities,and reducing the cost of"going out".After a series of robustness tests,the conclusion is still valid.Further research shows that corporate strategy plays an intermediary role in the impact of"Belt and Road Initiative"on corporate investment.The proposal of this initiative improves the capital market environment and encourages enterprises to implement more active strategies,thus increasing corporate investment.In addition,this paper conducts a sub-sample regression according to the difference of enterprise nature and institutional environment,and the results show that the impact of"Belt and Road Initiative"on enterprise investment is more significant in non-state-owned enterprises and regions with high degree of marketization.In a word,this paper examines the impact of"Belt and Road Initiative"on enterprise investment from the perspective of corporate strategy,supports the positive economic effect of the initiative,and has certain enlightenment significance to the strategy of Chinese enterprises"going out"strategy.